IMF and World Bank: Appointment Procedures

Baroness Kinnock of Holyhead Excerpts

Wednesday 1st December 2010 Lords Chamber

[Baroness Kinnock of Holyhead]

My Lords, is the Minister aware that European countries occupy eight to nine of the 24 seats in the IMF and the World Bank? Does he not consider that we, as one of those European countries, should presume that it is about time some of these privileges were given up in favour of emerging and developing countries?

[Lord Sassoon]

My Lords, I said at the outset that the improvements to the processes for appointing the heads of these organisations must be part of wider reform packages for the entire governance of the IMF and the World Bank. Progress is being made on that in the quota shares, the voting arrangements and the governance arrangements. Equally, it is critical that, under the new arrangements, the four BRIC countries are in the top 10 voting and quota share countries, so we will have a much better balance in both voting and representation. It is equally important that the UK remains a top five member and that we retain our board seat.